fuchs group · 2019-10-17 · fuchs at a glance. l . 4. around . 5,500. employees. preference share...
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FUCHS GROUPInvestor Presentation
| October 2019| Stefan Fuchs, CEO| Thomas Altmann, Head of Investor Relations
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Agenda
| The Leading Independent Lubricants Company01
| H1 201902
| Shares03
| Appendix04
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The Leading Independent Lubricants Company01
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FUCHS at a glance
l 4
Around 5,500employees
Preference share is listed in the MDAX 58 companies worldwide
€2.6 bnsales in 2018
No. 1among the independent suppliers of lubricants
The Fuchs family holds
55% ofordinary shares
A full range of over
10,000lubricants and related specialties
Established 3generations ago as afamily-owned business
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Top 20 lubricants manufacturersNumber 1 among the independent lubricants companies
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130
590
Manufacturers Major oil companies
Independent lubricant manufacturers*
High degree of fragmentation
Concentration especially amongst smaller companies
* > 1000 tons
>50%<50%
Market Shares
Top 10 manufacturers
Other 710manufacturers
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Our unique business model is the basis for our competitive advantage
Technology and innovation leadership in strategically important product areas
Independency allows reliability, customer & market proximity (responsiveness and
flexibility) and continuity
Global presence, R&D strength, know-how transfer, speed
Advantage over independent companies
Advantage over major oil companies
FUCHS is fully focussed on lubricants FUCHS is a full-line supplier
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We are where our customers are
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58 Operating Companies33 Production Sites
As of Dec. 2018
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Full-line supplier advantage
Industrial lubricants~55%
e.g. Industrial oils, MWF/CP* and greases
Automotive lubricants~45%
e.g. Engine & gear oils, hydraulic oils, shock absorber fluids, etc.
Sales 2018: €2.6 bn(~80% international)
by customer location
100,000 customers in more than 150 countries
Heavy Duty Steel & Cement Aerospace Agriculture industry Wind energy Food
MiningConstructionEngineeringManufacturingCar industry Trade, Services & Transportation
*metalworking fluids/corrosion preventivesl 8
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Well balanced customer structureTop 20 Customers account for ~ 25% sales
19%
31%
9%
28%
6%7%
Sales 2018:€2.6 bn
Industrial goods manufacturing
Vehicle manufacturing
Energy and mining
Trade, transport and services
Agriculture and construction
Engineering / Machinery construction
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Organic growth potential in emerging countries
39%54%
34%
27%
27%19%
2000 2018
Market Demand
Asia-Pacific & MEA Americas Europe
36.4 mn t
17% (152)
33%(846)
24% (219)
17%(428)
59% (531)
50%(1,293)
2000 2018
FUCHS Sales (by customer location)
€ 2,567 mn€ 902 mn36.4 mn t+185 %
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0 %
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Investment in the futureR&D expenses and Capex
52 50
93105
121
3039
4753 58
2%
4%
6%
0
20
40
60
80
100
120
140
2014 2015 2016 2017 2018
Capex Scheduled amortisation/depreciation in % of Sales
1111
10
€ mn
PPA
33
3944
4752
1.5%
2.0%
2.5%
0
10
20
30
40
50
60
2014 2015 2016 2017 2018
R&D Expenses in % of Sales
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PPAPPA
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Investment initiativeCapex 2016-2021 €700+ mn
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In 2016 - 2018 over €300 mn capex was spent with focus on the expansion of Mannheim, Kaiserslautern and Chicago as well as new plants in China, Australia and Sweden
Capex will peak in 2019 at €180 mn. In 2020/2021 more than €100+ mn p.a.will be spent on growth and replacement as well as efficiency improvements due to significant volume increases, technological changes and a changed product mix
From 2022 onwards, capex should be back on par with the new level of depreciation
€ mn
0
50
100
150
200
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Capex Scheduled depreciation*
* Depreciation figures excluding PPA from M&A
Estimated level of depreciation
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Strong track record of integrating businessesM&A deals > € 10mn sales (p.a.)
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2010
2014
2015
2016
2019
(AU)€ 25 mn
Lubricants(US)
€ 11 mn
(US)€ 15 mn
(GB)€ 15 mn
(ZA)€ 15 mn
(SE)€ 140 mn
(GLOBAL)€ 21 mn
(DE)€ 135 mn
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FUCHS‘ Strategy
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Profitable Growth:
Internationalization of core activitiesLocal production in 33 plants
Agile network structure basedon common values
People:
EmployerBranding
Culture Talent-
management Learning
Utilize disruptions like e-mobility, digitalization, etc.as an opportunity
Global standards, processesand branding
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FUCHS2025
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Strategy- Vision for the future- Projects and action- Financial target
Values and the way we want tocommunicate
Culture
StructureGlobal processesand standards
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H1 201902
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Highlights H1 2019
Sales -1% at€1,296 mn
Outlook 2019 adjusted Sales -3% to +0% EBIT -30% to -20% (EBIT comparable: -27% to -17%) Free cashflow before acquisitions €70mn to €90 mn FVA €130 mn to €160 mn
Growth initiative results in costs increasing as planned
Continuing weakness of automotive markets in Germany and China
Declining organic growth in North and South America in Q2
EBIT down by 19%to €157 mn
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H1 2019 Group sales
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1,311 1,296
- 24(- 2%)
+ 5(+ 1%)
+ 4(+ 0%)
H1 2018 Organic Growth External Growth FX H1 20190
500
1,000
1,500
- 15(-1%)
€ mn
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Regional sales growth H1 2019Continuing weakness in Europe and Asia – Decreasing organic sales growth in Americas
H1 2019(€ mn)
H1 2018(€ mn) Growth Organic External FX
Europe, Middle East, Africa 799 829 -4% -3% - -1%
Asia-Pacific 355 369 -4% -5% +1% 0%
Americas 212 199 +7% +3% 0% +4%
Consolidation -70 -86 - - - -
Total 1,296 1,311 -1% -2% +1% 0%
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Income statement H1 2019
€ mn H1 2019 H1 2018 Δ € mn Δ in %
Sales 1,296 1,311 -15 -1
Gross Profit 441 464 -23 -5
Gross Profit margin 34.0 % 35.4 % - -1.4 %-points
Other function costs -289 -276 -13 -5
EBIT before at Equity 152 188 -36 -19
At Equity 5 5 0 0
EBIT 157 193 -36 -19
Earnings after tax 112 140 -28 -20
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EBIT by regionsH1 2019 (H1 2018)1
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80(101)
44(56)
29(30)
4 (6)
157(193)
0
50
100
150
200
EMEA Asia-Pacific Americas Holding/cons. Group
€ mn
EBIT margin before at equity1 12.4% (15.2%) 13.7% (15.1%) 11.7% (14.3%)9.4% (11.5%)
1 2018 comparable
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Cash flow H1 2019
€ mn H1 2019 H1 2018 Δ in %
Earnings after tax 112 140 -20
Amortization/Depreciation 36 28 29
Changes in net operating working capital (NOWC) -20 -32 38
Other changes -36 -10 >100
Capex -76 -41 -85
Free cash flow before acquisitions 16 85 -81
Acquisitions -10 -1 >100
Free cash flow 6 84 -93
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H1 2019 earnings summary
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Decrease in sales in EMEA and Asia-Pacific mainly due to weakness of the automotive market in China and Germany
North and South America in Q2 also with organic sales decrease
Positive FX effects North- and South America (+4%) due to a strong US dollar, minor negative effect (-1%) in EMEA and no effect in APAC; External growth (+1%) in APAC due to acquisition of NULON
Product mix changes and higher manufacturing costs (in particular staff and D&A) related to the growth initiative result in a decrease of gross profit by 5% to €441 mn (464). Gross profit margin decreases to 34.0% (35.4)
Additional D&A and higher staff costs increase other function costs by €13 mn to €289 mn (276)
EBIT therefore, combined with sales decrease, lower y-o-y at €157 mn (193); Earnings after tax at €112 mn (140), down by 20%
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Outlook 2019 adjusted
Performance indicator Actual 2018 Outlook 2019(March 19)
Adjusted Outlook 2019 (August 19)
Sales €2,567 mn +2% to +4% -3% to +0%
EBIT comparable (before one-off effect) €371 mn -5% to -2% -27% to -17%
EBIT €383 mn -8% to -5% -30% to -20%
FUCHS Value Added €251 mn ~ € 200 mn €130 to €160 mn
Free cash flow before acquisitions €147 mn ~ € 100 mn €70 mn to €90 mn
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Cost increase as planned as a result of investments in new and existing plants, people, R&D and IT
Planned capex on record level (€180 mn) with focus on: Germany, China, Sweden, USA, Russia an UK
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Shares03
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Breakdown ordinary & preference shares(December 31, 2018)
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Fuchs family55%
Free float45%
Free float100%
Basis: 69,500,000 ordinary shares
Ordinary shares Preference sharesMDAX-listed
Basis: 69,500,000 preference shares
Characteristics: Dividend Voting rights
Characteristics: Dividend plus preference profit share (0.01€) Restricted voting rights in case of:
preference profit share has not been fully paid exclusion of pre-emption rights (e.g. capital
increase, share buyback, etc.)
Symbol: FPEISIN: DE0005790406WKN: 579040
Symbol: FPE3ISIN: DE0005790430WKN: 579043
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Stable dividend policyOur target: Increase the absolute dividend amount each year or at least maintain previous year’s level
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000€ mn
0.27
0.95
0.00
0.20
0.40
0.60
0.80
1.00Payout Ratio 2018: 46%
Dividend per Preference Share Market Capitalization
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€
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Appendix04
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Top 20 lubricant countries
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KT
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000 2007 2018 China and the USA cover more than one third of the world lubricants market
FUCHS is present in every important lubricants consuming country
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Regional per-capita lubricants demand
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kg
0
5
10
15
20
25 2007 2018
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Base oil / additives value split
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80%
40%
20%
60%
Standard Lubricants FUCHSBase Oils Additives, etc.
Base oil prices do not necessarily follow crude oil prices
No direct link between additives and crude oil prices. We even face price increases for certain raw materials where supply/demand is not balanced or special situations occur
Special lubricants consist of less base fluid and more additives
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Workforce Structure5,446 employees globally
Production1,681(32%)
R&D523
(10%)Admin
815(15%)
Marketing & Sales2,303(43%)
Functional Workforce Structure
2018*
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Other European Countries
1,948(36%)
Americas690
(13%)
Asia-Pacific, Africa1,174(21%)
Germany1,634 (30%)
Regional Workforce Structure
2018
*Excl. 124 Trainees
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FUCHS2025 – Vision
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Global alignment and communication with no friction within the matrix.
First choice for our global stakeholders: investors, employees, customers, suppliers etc.
Sustainable and successful global business model.
Customer focus and proximity around the globe.
High performance organization driven to continuously improve and adapt to technology and market changes.
Know-how and state of the art technology linked with top service are a matter of course.
Act global Based on our global standards and processes our employees act global while we keep the local entrepreneurship with strong local teams.
Unique company culture with family roots and a strong value foundation. An independent, global thinking and agile company communicating free of hierarchies & practicing an open feedback culture.
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Challenges & Opportunities
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Global Networked &
Agile Company
E-Mobility
Structures
Profitable Growth
Digitalization
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Digitalisation will fundamentally change our value creation
inoviga GmbH is a think tank outside the operative business
Driving force behind digitalization projects Develops prototypes and tools for digital business
models Current topics: eCommerce Digitalized product development & production Smart Services
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Electrification of cars creates new applications
Global light-duty vehicles sales forecast (in mn units)
59 59 58 51 44 36
32 34 4044
4953
17 29 40
1014
2018 2020 2025 2030 2035 2040
Source: FEV / Base Scenario
93 96107
117
131
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RoW
Σ EU, USA, China
RoW
Σ EU, USA, China
144
Electric Vehicle
Vehicle w/ combustionEngine
Electrification of cars will lead to new applications and higher requirements for existing applications
Regardless of the powertrain type, every car needs a variety of other lubricant applications
Combustion engines will face further efficiency improvements leading to higher requirements of existing lubricants (e.g. higher protection against deposits for turbocharged engines, higher heat and ageing stability for more compact engines)
Hybrid cars with efficient combustion engines will place complex requirements for existing applications but also create new demand for new applications
EVs will place whole new demand on gear oils, coolants, greases (e.g. contact with electrical currents and electromagnetic fields, higher heat emission, reduction gears with less gear steps and higher input speeds)
FUCHS is used to quickly adapting to new market demands and is working on concrete methods to meet the challenges of the future mobility
Electrification is an opportunity for FUCHS to further strengthen its market leadership with technically advanced solutions
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Lubricant applications in passenger carsIn modern cars there are more than 30 different types of greases
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Corrosion prevention for wire cables
Processing seat components
Air conditioning
Engine
Engine handling
Radiator antifreeze
Power steering
Engine components
Shock absorber oils
Forming add-ons and skin panels
Skin parts / washing oilsCentral hydraulic system
Axle drive
Transmission
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Lubricant applications in passenger cars Electrification brings a variety of opportunities for FUCHS
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Powertrain Applications
ICE HEV BEV
Engine oil ✓ ✓ –
Transmission oil ✓ ✓ ✓ / –
Greases ✓ ✓ ✓
Specialty greases ✓ + +
Lubricants forAuxiliary systems ✓ + +
Cooling & functional liquids ✓ + +
– Omitted ✓ Required + Increased
Corrosion preventive forbattery housing
Coolant forbattery
Forming oils forbattery cell cups orbattery modulecases
Coolants for power electronics
Products, which are needed independent from propulsion type are not shown
Contact grease for electricconnectionsAxle transmission oil
Greases forbearings in E-Motor
E-Drive Oil for E-Motor andgearbox
MTF in machiningof E-Motor a. gearbox
Compressor oil for heatpump / air condition
Cleaners in batteryproduction
Drawing oilsfor copperwire
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Long-term objective:Focus on Shareholder Value
Drive returns
Optimize capital
Strengthen portfolio
Organic growth through strict customer focus, geographicexpansion and product innovation Improve operating profitability through margin and mix management,
operating cost management and efficiency improvements
Capex with returns above WACC Manage NOWC
Reinvest in the business Acquisitions
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Cash allocation
Reinvest in the business
Share BuybackAcquisitions
Capex Stable Dividends
Return cash to shareholders
Cash allocation priority
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Unique track record for continued profitability and addedvalue
180
38315.3% 14.9%
0.0%
6.0%
12.0%
18.0%
0
125
250
375
500
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBIT (in € mn)
EBIT EBIT margin
117
251
0
100
200
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
FVA (in € mn)
1,178
2,567
0500
1,0001,5002,0002,5003,000
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Sales (in € mn)
121
288
0
100
200
300
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Earnings After Tax (in € mn)
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Development EBIT – Cost of Capital – FVA
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86
129
161
195172 180
250264
293312 313
342371 373 383
49 58 61 59 62 63 67 78 85 90 8396
113 123 132
37
71100
137110 117
183 186208
222 230246 257 250 251
0
50
100
150
200
250
300
350
400
450
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EBITCost of capitalFVA
€ mn
Cost of Capital = CE x WACC
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Stable EBIT in 2018
€ mn 2014 2015 2016 2017 2018 Δ 17/18
Sales 1,866 2,079 2,267 2,473 2,567 3.8%
Gross Profit 693 791 851 882 899 1.9%
Gross Profit margin 37.2% 38.1% 37.5% 35.7% 35.0% -0.7%-points
Other function costs -400 -467 -499 -526 -542 3.0%
EBIT before at Equity 293 324 352 356 357 0.3%
EBIT margin before at Equity 15.7% 15.6% 15.5% 14.4% 13.9% -0.5%-points
At Equity 20 18 19 17 26 52.9%
EBIT 313 342 371 373 383 2.7%
EBIT margin 16.8% 16.5% 16.4% 15.1% 14.9% -0.2%-points
EBITDA 343 381 418 426 441 3.5%
EBITDA margin 18.4% 18.3% 18.4% 17.2% 17.2% -
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Solid balance sheet and strong cash flow generation
€ mn 2018 2017 2016 2015 2014
Total assets 1,891 1,751 1,676 1,490 1,276
Goodwill 174 173 185 166 88
Equity 1,456 1,307 1,205 1,070 916
Equity ratio 77% 75% 72% 72% 72%
€ mn 2018 2017 2016 2015 2014
Net liquidity 191 160 146 101 186
Operating cash flow 267 242 300 281 255
Capex 121 105 93 50 52
Free cash flow before acquisitions1 147 142 205 232 210
Free cash flow 159 140 164 62 188
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1 Including divestments
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Regional sales growth 2018Europe and Asia-Pacific, Africa declining in the course of the year
2018(€ mn)
2017(€ mn) Growth Organic External FX
Europe 1,546 1,515 +2% +3% 0% -1%
Asia-Pacific, Africa 783 733 +7% +11% - -4%
Americas 409 393 +4% +13% - -9%
Consolidation -171 -168 - - - -
Total 2,567 2,473 +4% +7% - -3%
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EBIT by regions2018 (2017)1
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192(175)
121(128)
59(61)
11 (9)
383(373)
0
50
100
150
200
250
300
350
400
Europe Asia-Pacific, Africa Americas Holding/cons. Group
€ mn
EBIT margin before at equity1 13.9% (15.4%) 14.4% (15.5%) 13.9% (14.4%)11.5% (11.4%)
12017 comparable
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Cash flow 2018
€ mn 2018 2017 Δ in %
Earnings after tax 288 269 7
Amortization/Depreciation 58 59 -2
Changes in net operating working capital (NOWC) -48 -78 -39
Other changes -30 -3 -
Capex -121 -105 15
Free cash flow before acquisitions1 147 142 4
Acquisitions1 12 -2 -
Free cash flow 159 140 14
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1 Including divestments.
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160 191
288
-63
-48
-12610
0
50
100
150
200
250
300
350
400
450
500
Net liquidityDec 2017
Earnings after tax Depreciation ./.Capex
NOWC Other changes Dividend Other changes Net liquidityDec 2018
€ mn
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Free cash flow before acquisitions€147 mn
-30
Net Liquidity 2018
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Net operating working capital (NOWC)*
19.9%
21.0%21.3%
21.8%22.3%
23.4%23.1%
16.0%
18.0%
20.0%
22.0%
24.0%
300
350
400
450
500
550
600
650
2013 2014 2015 2016 2017 2018 H1 2019NOWC (in € mn) NOWC (in %)*
73
NOWC (in days)
77
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* In relation to the annualized sales revenues of the last quarter
79
85
81
78
84
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Adjusted 2018 quarterly figures accounting for the new segment reporting structure
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EMEA
Q1 Q2 Q3 Q4 FY
415 414 408 381 1,618
47 48 46 44 185
11.3 11.6 11.3 11.5 11.4
3 3 15 5 26
50 51 61 49 211
12.0 12.3 15.0 12.9 13.0
Asia-Pacific
Q1 Q2 Q3 Q4 FY
178 191 173 164 706
28 28 24 22 102
15.7 14.7 13.9 13.4 14.4
- - - - -
28 28 24 22 102
15.7 14.7 13.9 13.4 14.4
2018 comparable
Sales by company location
EBIT before at equity income
in % of sales
Income from at equity companies
Segment earnings (EBIT)
in % of sales
North and South America
Q1 Q2 Q3 Q4 FY
95 104 105 105 409
13 17 15 14 59
13.7 16.3 14.3 13.3 14.4
- - - - -
13 17 15 14 59
13.7 16.3 14.3 13.3 14.4
Holding / Consolidation
Q1 Q2 Q3 Q4 FY
-45 -41 -44 -36 -166
1 6 3 1 11
- - - - -
0 -1 1 0 0
1 5 4 1 11
- - - - -
FUCHS Group
Q1 Q2 Q3 Q4 FY
643 668 642 614 2,567
89 99 88 81 357
13.8 14.8 13.7 13.2 13.9
3 2 16 5 26
92 101 104 86 383
14.3 15.1 16.2 14.0 14.9
2018 comparable
Sales by company location
EBIT before at equity income
in % of sales
Income from at equity companies
Segment earnings (EBIT)
in % of sales
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Quarterly income statement
2016
Q1 Q2 Q3 Q4
550 586 567 564
206 221 214 210
37.4 37.7 37.8 37.1
-126 -128 -125 -120
80 93 89 90
14.6 15.8 15.8 15.9
5 5 5 4
85 98 94 94
15.5 16.6 16.5 16.8
97 109 105 107
17.6 18.7 18.6 18.8
2017
Q1 Q2 Q3 Q4
618 629 615 611
226 226 215 215
36.6 35.8 35.0 35.2
-137 -134 -129 -126
89 92 86 89
14.5 14.5 14.1 14.6
5 4 5 3
94 96 91 92
15.3 15.1 14.8 15.1
107 109 105 111
17.4 17.3 17.0 18.2
2018
Q1 Q2 Q3 Q4
643 668 642 614
225 239 222 213
35.0 35.8 34.6 34.7
-136 -140 -134 -132
89 99 88 81
13.8 14.8 13.7 13.2
3 2 16 5
92 101 104 86
14.3 15.1 16.2 14.0
106 115 118 102
16.5 17.2 18.4 16.6
€ mn
Sales
Gross Profit
Gross Profit margin (in %)
Other function costs
EBIT before at Equity
EBIT margin before at Equity (in %)
At Equity
EBIT
EBIT margin (in %)
EBITDA
EBITDA margin (in %)
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2019
Q1 Q2 Q3 Q4
643 653
217 224
33.7 34.3
-142 -147
75 77
11.7 11.8
2 3
77 80
12.0 12.3
95 98
14.8 15.0
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The Executive Board
Stefan Fuchs: CEO; Corporate Group Development, HR, PR & Marketing
Dr. Lutz Lindemann: CTO; R&D, Technology, Product Management, Supply Chain, Sustainability, inoviga GmbH, Mining Division, OEM Division
Dr. Ralph Rheinboldt: Europe, Middle East & Africa, LUBRITECH Division
Dagmar Steinert: CFO; Finance, Controlling, Investor Relations, Compliance, Internal Audit, IT (incl. SAP/ERP-Systems), Legal, Tax
Dr. Timo Reister: Asia-Pacific, Americas, Industrial Sales Strategy
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Executive Compensation & FUCHS Shares
25% of variable compensationmust be invested in FUCHS preference shares witha 3 year lock-up period
50% of variable compensationmust be invested in FUCHS preference shares witha lock-up period of 5 years. The vesting period iswaived when the member leaves the SupervisoryBoard
Executive Board Supervisory Board
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Financial Calendar & Contact
March 20, 2019 Full Year Results 2018
May 3, 2019 Quarterly Statement Q1 2019
May 7, 2019 Annual General Meeting 2019
June 25, 2019 Capital Market Day 2019
August 1, 2019 Half-year Financial Report 2019
October 30, 2019 Quarterly Statement Q3 2019
Financial Calendar 2019 Investor Relations Contact
FUCHS PETROLUB SEFriesenheimer Str. 1768169 Mannheimwww.fuchs.com/group/investor-relations
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Thomas Altmann Head of Investor [email protected]
Andrea LeuserManager Investor [email protected]
The financial calendar is updated regularly. You can find the latest dates on the webpage at www.fuchs.com/financial-calendar
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Disclaimer
The information contained in this presentation is for background purposes only and is subject to amendment, revision and updating. Certain statements and information contained in this presentation may relate to future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. In addition to statements which are forward-looking by reason of context, including without limitation, statements referring to risk limitations, operational profitability, financial strength, performance targets, profitable growth opportunities, and risk adequate pricing, other words such as “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, or continue”, “potential, future, or further”, and similar expressions identify forward-looking statements. By their very nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These factors can include, among other factors, changes in the overall economic climate, procurement prices, changes to exchange rates and interest rates, and changes in the lubricants industry. FUCHS PETROLUB SE provides no guarantee that future developments and the results actually achieved in the future will match the assumptions and estimates set out in this presentation and assumes no liability for such. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The company does not undertake any obligation to update or revise any statements contained in this presentation, whether as a result of new information, future events or otherwise. In particular, you should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation.
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